A. The real property of a corporation acquired pursuant to this Article shall not be subject to assessment or payment of general ad valorem taxes imposed by the City, or by the State or any political subdivision thereof, for a period of not in excess of ten (10) years after the date upon which such corporation becomes owner of such real property, except to such extent and in such amount as may be imposed upon such real property during such period measured solely by the amount of assessed valuation of the land, exclusive of improvements, acquired pursuant to this Article and owned by such corporation, as was determined by the County Assessor for taxes due and payable thereon during the calendar year preceding the calendar year during which the corporation acquired title to such real property; and the amounts of such tax assessments shall not be increased during such period so long as the real property is owned by an urban redevelopment corporation and used in accordance with the development plan authorized by the Board.

B. In the event, however, that any such real property was tax exempt immediately prior to ownership by any urban redevelopment corporation, such Assessor shall, upon acquisition of title thereto by the corporation, promptly assess such land, exclusive of improvements, at such valuation as shall conform to but not exceed the assessed valuation made during the preceding calendar year of other land, exclusive of improvements, adjacent thereto or in the same general neighborhood, and the amount of such assessed valuation shall not be increased during the period set pursuant to Subsection A of this Section so long as such real property is owned by such corporation and used in accordance with the development plan and approved by the Board.

C. For the next ensuing period not in excess of fifteen (15) years, ad valorem taxes upon such real property shall be measured by the assessed valuation thereof as determined by such Assessor upon the basis of not to exceed fifty percent (50%) of the true value of such real property, including any improvements thereon, nor shall such valuations be increased above fifty percent (50%) of the true value of such real property from year to year during such next ensuing period so long as the real property is owned by the corporation and used in accordance with an authorized development plan.

D. After a period totaling not more than twenty-five (25) years, such real property shall be subject to assessment and payment of all ad valorem taxes, based on the full true value of the real property; provided that after the completion of the redevelopment project as authorized by law or ordinance, whenever any corporation shall elect to pay full taxes, or at the expiration of the period, such real property shall be owned and operated free from any of the conditions, restrictions or provisions of this Section, the approving ordinance and any rule or regulation adopted pursuant to this Article.

E. Notwithstanding any other provision of law to the contrary, payments in lieu of taxes may be imposed by contract between the City and the corporation which receives tax abatement or exemption on property pursuant to Chapter 353, RSMo. Such payment shall be made to the Collector of Revenue of St. Louis County by December 31 of each year that payments are due. The Board shall furnish the Collector a copy of such contract requiring payment in lieu of taxes. The Collector shall allocate all revenues received from such payment in lieu of taxes among all taxing authorities whose property tax revenues are affected by the exemption or abatement on the same pro rata basis and in the same manner as the ad valorem property tax revenues received by each taxing authority from such property in the year such payments are due.